State Duma passes metal, fertilizer MET raise bill in 1st reading

MOSCOW, Sep 22 (PRIME) -- The State Duma, Russian parliament's lower chamber, approved in the first reading on Tuesday a draft law introducing an elevating coefficient to the mineral extraction tax (MET) on metals and fertilizer producers.

Last week, Finance Minister Anton Siluanov said that the Finance Ministry offered to raise the MET on some types of fertilizers and ore from January 1 by introducing a 3.5 coefficient. Budget revenue from the step is planned at about 56 billion rubles.

The ministry said that the tax adjustments would raise the level of tax burden justice, and the companies will participate in the solution of state tasks, including the social liabilities fulfillment.

(76.0381 rubles – U.S. $1)

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